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Madison Marquette Gets NC Mall

MONROE, NC-The Washington, DC-based investment firm pays $19.7 million for Monroe Mall with plans to rehabilitate and reposition the center.

By Brian K. Miller | Updated on January 04, 2006

MONROE, NC-Madison Marquette has acquired Monroe Mall, a 350,000-sf regional mall here, for $19.7 million in cash and assumed debt. The Washington, DC-based investment firm says it will begin an “extensive rehabilitation and repositioning” of the 45-acre property beginning this fall that one company source tells GlobeSt.com may also include a substantial expansion.

The property is about 92% leased. Anchor tenants include Belk, Sears and JC Penney, all of which have substantial time remaining on their leases. Additional tenants include Peebles, Pacific Sunwear, Bath & Body Works, Walden Books, GNC, Radio Shack and Hibbett Sporting Goods.

Tom Falatko, managing director of Madison Marquette’s southern investment activities, tells GlobeSt.com that despite the 92% occupancy and the long-term anchor commitments, significant lease expiration and rollover is in store for the shop space over the next 30 months. That’s good news, says Falatko, because it will allow it to change the merchandising mix along with its rehabilitation.

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